JPMorgan Chase promoting Sommers

JPMorgan Chase promoting Sommers to CEO of consumer bank as McInerney leaves company

Associated Press

NEW YORK (AP) -- JPMorgan Chase is promoting Barry Sommers to CEO of its consumer bank. He replaces Ryan McInerney, who is leaving the company to become Visa Inc.'s president.

Sommers previously served as CEO of Chase Wealth Management, which is part of the consumer banking business that he will now lead.

Sommers will still report to Gordon Smith, CEO of consumer and community banking.

McInerney worked at JPMorgan for eight years and managed the consumer bank since 2009. Sommers joined JPMorgan through the Bear Stearns merger.

The personnel announcement comes two days after JPMorgan Chairman and CEO Jamie Dimon survived a vote that would have called on him to give up his role as chairman of the nation's largest bank. But shareholders sent a message that the bank needs better oversight by giving only narrow approval to three of the bank's board members.

Dimon emerged in a stronger position after the proposal to split his roles won just 32 percent of the shareholder vote, less than the 40 percent a similar proposal got last year. Dimon has been widely praised for his astute stewardship of the bank through the 2008 financial crisis, though his reputation has been tarnished since a surprise $6 billion trading loss JPMorgan suffered last year.

Shares of JPMorgan Chase & Co., which is based in New York, fell 30 cents to $53.33 in Thursday afternoon trading.

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